Digest

Allie Williams, a financial expert and mom of two, joins The Learning to Mom Podcast to discuss the financial aspects of having a baby. She emphasizes the importance of planning financially before pregnancy, highlighting key categories like medical bills, loss of income, and baby necessities. Allie recommends setting up a sinking fund for medical expenses, understanding your health insurance coverage, and negotiating medical bills. She also advises on budgeting for postpartum expenses, such as food and late-night purchases. Allie shares practical tips for saving money on baby items, including using resale sites, Facebook Marketplace, and asking for diapers at baby showers. She also emphasizes the importance of setting realistic expectations and prioritizing experiences over material possessions. Allie encourages listeners to create a mock budget to anticipate new expenses and adjust their spending accordingly. She also shares her budgeting method, which involves a money audit, budgeting for paychecks, and allocating extra funds to specific goals. Allie stresses the importance of avoiding comparison with others and focusing on what works best for your family. She recommends joining local Facebook groups for buying and selling used baby items, utilizing websites like Once Upon a Child and Buy Nothing groups, and asking for experiences as gifts instead of material items. Allie concludes by emphasizing that budgeting is simply about telling your money where to go and that it can be a fun and empowering process.

Outlines

00:00:00

Introduction

This Chapter introduces the topic of financial planning for a baby and welcomes Allie Williams, a financial expert, to the podcast.

00:01:23

Allie Williams' Journey to Financial Focus

This Chapter introduces Allie Williams, a financial expert and mom of two, and explores her journey to financial focus, including her MBA in finance and her desire to help others achieve their financial goals without deprivation.

00:03:03

Expected and Unexpected Baby Costs

This Chapter delves into the various expected and unexpected costs associated with having a baby, emphasizing the importance of planning financially to avoid stress and overwhelm. Allie recommends setting up a sinking fund for medical expenses, understanding health insurance coverage, and negotiating medical bills.

00:07:34

Negotiating Medical Bills

This Chapter explores the possibility of negotiating medical bills by paying cash, emphasizing the importance of getting an itemized bill and understanding what you're being charged for. Allie shares her experience with negotiating medical bills and provides tips for approaching the conversation with the hospital.

00:14:02

How Much to Save for a Baby

This Chapter addresses the common question of how much to save for a baby, acknowledging that there's no standard answer. Allie highlights the importance of budgeting for medical bills, loss of income, and baby necessities, emphasizing that the amount will vary based on individual circumstances and priorities.

00:16:59

Budgeting for Baby Necessities

This Chapter focuses on budgeting for baby necessities, particularly diapers. Allie shares her experience with disposable diapers and provides tips for stocking up on diapers, asking for them at baby showers, and using receipts for exchanges.

00:22:12

Money-Saving Tips for First-Time Moms

This Chapter explores various money-saving tips for first-time moms, including using cashback websites like Raketin, scanning receipts with apps like Fetch, and joining local Facebook groups for buying and selling used baby items.

00:28:53

Budgeting for a New Family Member

This Chapter delves into budgeting for a new family member, emphasizing the importance of creating a mock budget to anticipate new expenses and adjust spending accordingly. Allie recommends budgeting for child care, groceries, seasonal clothing, and other potential expenses.

00:34:06

Budgeting Method and Setting Aside Funds

This Chapter outlines Allie's budgeting method, which involves a money audit, budgeting for paychecks, and allocating extra funds to specific goals. She emphasizes the importance of being realistic about your spending and avoiding comparison with others.

00:37:23

Stretching Your Money Further

This Chapter explores strategies for stretching your money further, including utilizing secondhand children's stores like Once Upon a Child, joining Buy Nothing groups, and asking for experiences as gifts instead of material items. Allie shares her personal experiences and emphasizes the importance of prioritizing experiences over material possessions.

00:49:36

Final Budgeting Tips and Where to Find Allie

This Chapter concludes the episode with final budgeting tips, emphasizing that budgeting is simply about telling your money where to go and that it can be a fun and empowering process. Allie provides her social media handles and website information for listeners to connect with her.

Keywords

Q&A

• What are the big categories to prepare for financially when having a baby?

  The big categories are medical bills, loss of income, and baby necessities.

• How can I save money on medical bills?

  You can try to negotiate medical bills by paying cash, understanding your health insurance coverage, and getting an itemized bill to see what you're being charged for.

• How much should I save for a baby?

  There's no standard answer, but it's important to budget for medical bills, loss of income, and baby necessities. The amount will vary based on your individual circumstances and priorities.

• What are some tips for saving money on baby items?

  You can use resale sites, Facebook Marketplace, ask for diapers at baby showers, and join local Facebook groups for buying and selling used baby items.

• How can I create a budget for a new family member?

  Create a mock budget to anticipate new expenses and adjust your spending accordingly. Budget for child care, groceries, seasonal clothing, and other potential expenses.

• What is Allie's budgeting method?

  Allie's method involves a money audit, budgeting for paychecks, and allocating extra funds to specific goals. It's important to be realistic about your spending and avoid comparison with others.

• What are some strategies for stretching your money further?

  Utilize secondhand children's stores, join Buy Nothing groups, and ask for experiences as gifts instead of material items.

• What is the most important thing to remember about budgeting?

  Budgeting is simply about telling your money where to go and that it can be a fun and empowering process.

• Where can I find Allie Williams?

  You can find Allie on Instagram at @financiallyfocused and on her website, financiallyfocused.com.

• What is the Learning to Mom newsletter?

  The Learning to Mom newsletter provides tips, advice, and encouragement for pregnant women and new moms. You can sign up by going to the show notes or by heading to learningtomompodcast.com/newsletter.

Show Notes